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Port authority approves financing for several Mahoning County developments
By Ed Runyan
WARREN
The Western Reserve Port Authority on Wednesday authorized its economic development director to negotiate with the owners of the former Kmart site on U.S. Route 224 in Boardman for a capital lease and financing for new commercial properties to be built there.
The owner of the 10.5-acre site, LRC Realty of Akron, plans to develop it in phases but is not able to identify the possible tenants. It currently has a Starbucks coffee shop. LRC is also the developer of the Enclave student housing project in Youngstown.
Gary O’Nesti of LRC told the port authority Wednesday that his company is negotiating with three national tenants that will occupy 85,000 to 95,000 square feet of retail space there.
Wednesday’s approval allows for the distribution of a sales-tax exemption certificate so the developer can start buying construction materials, which will be exempt from sales taxes, said Anthony Trevena, economic development director.
The authority also approved the same type of negotiations with Hallmark Student Housing LLC so it can move forward with a third phase of University Edge student housing on the same piece of property in Youngstown as the first two phases.
That $6 million project will involve 161 beds in 40 more units on the southeast corner of the development.
The authority also approved the issuance of bond financing of up to $10 million for the construction of Campus Lofts apartments in Youngstown. These will be located across from the Public Library of Youngstown & Mahoning County’s Main Library.
The authority also authorized John Moliterno, WRPA executive director, to negotiate a purchase agreement with James and Nancy Alderman to sell 42 acres of farmland near the Youngstown Air Reserve Station on King Graves Road in Vienna so it can be used to create a new main entrance gate for the air reserve station.
The $8.8 million gate project is funded and just needs the land so that construction can begin in the coming year, said Master Sgt. Bob Barko of the 91st Airlift Wing.
The purpose of the project is to relocate the gate farther from King Graves Road to enable it to meet anti-terrorism and force-protection requirements and provide a new visitor’s center and other improvements. A second new gate is in the planning stages that will be on state Route 193 near the former Airport Inn Restaurant site, to provide an entrance and exit for commercial vehicles.
The port authority is involved in the project because of limitations the federal government has for purchasing property at a level greater than the fair market value, Barko said. The port authority has greater latitude in such purchases.